USD exchange rate today September 16, 2024: USD stagnates

World USD exchange rate

The USD Index, or DXY, is an index that measures the volatility of the US dollar against six other major currencies, currently at 101.11.

Last week, the DXY index remained stable in a narrow range and did not fluctuate much for three consecutive weeks, which shows that the market is waiting for the decision from the US Federal Reserve (Fed) meeting.

There are expectations that the Fed will cut interest rates by 25 basis points at its upcoming meeting, while some investors also hope that the cut could be as high as 50 basis points.

More importantly, the economic forecasts from the Fed and their dot plot will provide information about future interest rate cuts, which could influence the trend of the US dollar.

The US interest rate futures market has recorded a 51% chance of the Fed cutting interest rates by 50 basis points after the two-day meeting, up from 15% previously. US economic data released on September 12 also supported expectations of a 25 basis point cut.

The DXY index is currently fluctuating between 100.5 and 102. For a clearer direction, the index needs to break above 100.5 or 102.

If the index falls below 100.5, it may go down to 100 or 99.50. If the index rises above 102 and stays above 102.25, there may be an upward trend, possibly reaching 104-105 in the future.

The US 10-year Treasury yield fell, with a negative near-term outlook. Current resistance is at 3.8-3.85%, and yields could fall to 3.5-3.45%. This reduces the likelihood of the DXY index surpassing 102 in the short term.

The EUR is falling and could continue to fall to 1.10 or 1.0950. The 1.10-1.0950 area is a strong support area that could stop the decline. If there is a bounce from this support area, the EUR could rise to 1.12 or higher in the coming weeks.

Domestic USD exchange rate today

The central VND/USD exchange rate was kept stable at 24,172 VND.

The State Bank of Vietnam's exchange office kept the reference price unchanged at 23,400 to 25,450 VND/USD for both buying and selling.

In the free market, the USD price decreased slightly, ranging from 24,926 to 25,026 VND/USD, down 4 VND compared to the previous session.

Vietcombank listed the USD buying and selling rates unchanged, at 24,360 - 24,730 VND/USD.

BIDV also kept the USD buying and selling rates unchanged, at 24,375 - 24,715 VND/USD.

Vietinbank announced the USD buying and selling rates unchanged, at 24,220 - 24,720 VND/USD.

Eximbank listed stable USD buying and selling rates at 24,340 - 24,700 VND/USD.